Exercise 16(2)-14 Name: Section: Score:100% Key Code:[Key code here] Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. a.Rushmore Biking Inc. Income Statement For the Month Ended February 28 Revenues$910,000 Cost of goods sold(550,000) Gross profit$360,000 Selling and administrative expenses: Selling expenses$185,000 Administrative expenses90,000 Total selling and administrative expenses(275,000) Operating income$85,000 b. Materials inventory: Purchased materials$480,000 Less: Materials used in production(434,500) Materials inventory, February 28$45,500 Work in process inventory: Materials used in production$434,500 Direct labor125,000 Factory overhead50,000 Total manufacturing costs incurred$609,500 Less: Transferred to finished goods(578,000) Work in process inventory, February 28$31,500Instructions
Finished goods inventory: Transferred to finished goods$578,000 Less: Cost of goods sold(550,000) Finished goods inventory, February 28$28,000
Expert's Answer
Chat with our Experts
Want to contact us directly? No Problem. We are always here for you
Your future, our responsibilty submit your task on time.
Order NowGet Online
Assignment Help Services